Existing debt

g_bom

Simple question.......can existing debt, mortgage, car finance, mobile phone etc accelerate the recovery of a damaged credit score?

sourcrates

Yes, and no.

Paying bills on time is always a good thing.

The further back in time negative information is, the less effect it will have on you.

Credit score is made up of all sorts of variables and can go up and down for no reason, its not to be relied upon, credit history is what counts.

blatchp

Yes, I agree - never really trust one of these so-called scores from businesses like Experian - they are not the credit provider so it is not a credit score as such, which would be carried out by a potential lender who will have their own criteria. Most (if not all) 'bad' credit drops off your file after six years, so any credit you do get needs to be impeccably conducted (none of those 1's and 2' on your credit file!)

DCFC79

blatchp wrote: »

Yes, I agree - never really trust one of these so-called scores from businesses like Experian - they are not the credit provider so it is not a credit score as such, which would be carried out by a potential lender who will have their own criteria. Most (if not all) 'bad' credit drops off your file after six years, so any credit you do get needs to be impeccably conducted (none of those 1's and 2' on your credit file!)

After 6 years all credit drops off your file whether good or bad.

The score is just a representation of the credit history.